Infrared and Terahertz Spectroscopy for Non-Invasive Material Characterization

https://www.marketsandmarkets.com/Market-Reports/terahertz-infrared-spectroscopy-market-248742550.html

The infrared spectroscopy market is expected to reach USD 1.3 billion by 2025 from USD 1.0 billion in 2020, at a CAGR of 5.2% during the forecast period. While the terahertz spectroscopy market is projected to reach USD 45 million by 2025 from USD 30 million in 2020, at a CAGR of 8.3%. The growth in the infrared spectroscopy market is mainly driven by the stringent regulations in the pharmaceutical industry, increasing food safety concerns & technological advancements. However, the availability of used IR devices and technical limitations are expected to restrain the growth of this market during the forecast period. While the growth in the terahertz spectroscopy market is mainly by factors such as the growing semiconductor industry, increasing use of terahertz spectroscopy as a screening technique in homeland security and technological advancements, however high cost of equipment is likely to restrain the growth of this market.

The major players in the global infrared spectroscopy market are Shimadzu Corporation (Japan), Bruker Corporation (US), PerkinElmer (US), Thermo Fisher scientific (US) and the major players in the global terahertz spectroscopy market include TeraView Ltd (UK), Menlo Systems GmbH (Germany), Advantest corporation (Japan). An analysis of the market developments between 2017 and 2020 revealed that product launches, partnerships, and expansions, were adopted by market players to strengthen their product portfolios and maintain a competitive position in the infrared & terahertz spectroscopy industry.